73-07 OrdinanceRECORD OF ORDINANCES
Dayton Legal Blank, Inc. Form No. 30043
73 -07
Ordinance No. Passed 20
AN ORDINANCE DESIGNATING ELIGIBLE FINANCIAL
INSTITUTIONS AS PUBLIC DEPOSITORIES
1
I
WHEREAS, Section 135.01 (L) of the Ohio Revised Code provides that any municipal
corporation which has adopted a charter may, by ordinance, set forth special provisions for the
deposit or investment of its public monies; and
WHEREAS, the electors of the City of Dublin have adopted a charter, and the charter
provides that legislation may be adopted to establish policy for the investment of the City's
monies; and
WHEREAS, Section 135.12 of the Ohio Revised Code provides that designations of eligible
depositories extend for a period of time not exceeding five years in length ; and
WHEREAS, the City of Dublin has received applications for deposit of active and interim
monies from various eligible financial institutions; and
WHEREAS, the City of Dublin has established good working relationships with its existing
designated public depository financial institutions, and has negotiated a favorable bank service
fee structure for its active monies on deposit for the next five years.
NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Dublin, State of
Ohio, of the elected members concurring that:
Section 1 . The following eligible financial institutions be designated as public depositories
of the City of Dublin's public monies for a five year period from November 1, 2007 through
October 31, 2012:
Financial Institution
JP Morgan Chase Bank
Champaign National Bank
Fifth Third Bank
Heartland Bank
Huntington National Bank
Key Bank National Association
Maximum Balance
Maximum Balance
Active Deposits
Interim Deposits
$20,000,000
$40,000,000
3,000,000
3,000,000
100,000,000
100,000,000
-0-
3,000,000
5,000,000
5,000,000
aggregate of both active
and interim not
to exceed $50,000,000
20,000,000
20,000,000
100,000,000
100,000,000
National City Bank
U.S. Bank
f
J
Section 2 . The active deposits of the City of Dublin be awarded to JP Morgan Chase Bank
for the period November 1, 2007 through October 31, 2012, except for those deposits noted in
Section 3.
Section 3 . Active deposits be awarded to National City Bank in amounts limited to the
payment obligations incurred by the City of Dublin under its purchasing card program with
said institution.
Section 4 . The City Manager and Director of Finance are authorized and directed to enter
into the agreements necessary to implement this ordinance.
Section 5 . This Ordinance shall take effect and be in force on the earliest date permitted by
law.
Passed this / day of 00 tf/ 2007.
Mayor - Presiding Officer
ATTEST:
Clerk of Council
CITY OF DUBLIN_
Office of the City Manager
5200 Emerald Parkway • Dublin, OH 43017 -1006
Phone: 614- 410 -4400 • Fax: 614- 410 -4490
Memo
TO: Members of City Council
FROM: Jane S. Brautigam, City Manager
DATE: September 13, 2007
INITIATED BY: Marsha I. Grigsby, Deputy City Manager/Director of Finance
Stephen A. Sova, Director of Accounting & Auditing
Summary
RE: Ordinance No. 73 -07, An Ordinance Designating Eligible Financial Institutions
As Public Depositories
Section 135.12 of the Ohio Revised Code requires governmental entities to designate individual financial
institutions as depositories of public monies for a period not to exceed five years. The City of Dublin's
current depository agreements with various local banks expire on October 31, 2007. This ordinance
authorizes new depository agreements for the period November 1, 2007 to October 31, 2012.
The City's active funds are currently on deposit with JPMorganChase Bank, with a small amount also at
National City Bank to the extent that such funds are needed to meet the City's obligations incurred under
the purchasing card program. Staff recommends that the City retain JPMorganChase as its primary
depository for active monies, based on several factors:
• JPMorganChase has been the depository of the City's active money since 1989;
• Fees charged by JPMorganChase have remained unchanged since 1997, and the bank has agreed
to maintain those same fees unchanged for the next five years;
• Service fees being charged by JPMorgan Chase are comparable to, or in some cases lower than,
those being charged to other local municipalities such as Upper Arlington and Westerville by
their respective financial institutions;
• The City's online accounting system and financial operations are highly integrated and automated
with its existing accounts at JPMorganChase through the bank's proprietary, Internet -based
"Access" system; and
• Finance staff has developed and maintained an excellent working relationship with the same two
account representatives at JPMorganChase for over seven years, and is very pleased with the
consistently high level of service received.
Several local banks have submitted applications to be considered as eligible depositories for interim
deposits as well. Periodically, the City invests interim deposits (amounts not needed immediately to
support daily operations) in certificates of deposit or similar time deposits. Such amounts are awarded to
the bank offering the best and most advantageous terms at the time of investment.
Recommendation
Staff recommends adoption of Ordinance No. 73 -07 at the second reading /public hearing on October 1,
2007.